Judge to hold fairness hearing on BP settlement

A federal judge in New Orleans is set to hold a hearing on whether a proposed class-action deal is a fair settlement for economic damage claims from the BP oil spill,

During Thursday's hearing, the London-based oil giant and a team of private plaintiffs' attorneys will urge U.S. District Judge Carl Barbier to give his final approval to the agreement. The judge also will hear from other plaintiffs' attorneys who object to portions of the deal.

The settlement does not set a cap, but BP PLC estimates it will pay $7.8 billion to resolve claims spawned by the 2010 oil spill in the Gulf of Mexico.

The agreement doesn't resolve claims by the federal government and Gulf states.